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sources that a team led by executives from kpmg as well as a law firm here in india and as of now, the chief financial officer along with another couple of key executives have been suspended. they've been asked not to report to work until this internal investigation is complete. this couldn't have come at a worst time because remember the india parliament has been given the go ahead as far as walmart being able to step up its stores here in india. so this is going to be another reason for the opposition parties to force the government into a possible reversal of the decision. so it's looking difficult for walmart at this point in time. we've tried to contact the company. they have confirmed the investigation is on. there is no time line that's been given by when they expect a conclusion for this internal investigation, but until the investigation is not complete, we've been given to understand that the chief financial officer and the other executives asked not to report to work will not be allowed to be part of the operati operation. this may jeopardize their expansion plans. that
of thing where the tee taidetails of the law, r this law is amending a bunch of laws from the 80s. >> thank you very much. we appreciate you coming on the show. elmo the furry red monster on says sesame street, has had damage done to the brand and pbs itself later in the show. meanwhile housing starts. it is the highest rate in 44 years. mortgage rates and two of the reasons why there is more building activity. today's home starting are 40% of where they were in january 2006. but you know what, i'm all or economic optimism and housing could wind up being a big plus in the years ahead. meg whitman in control tonight and a former hedge fund manager charged in a trading scheme. those stories right after the break. people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you?
could push back the start of basel iii by about six months. the law was mepts ant to be pha in by the start of 2013. >> archstone was not part of the zell asset, was it? >> i feel like zell was related to it. >> but he sold right at the top. so that was part of the problem. it wasn't just a total lack of due diligence. i mean, everything was valued hire when archstone was first sold, right? >> yes. but as i'm looking at this, no, sam zell i do not believe was involved. >> that was the equity office and -- >> and then blab stone. but blackstone even though they bought at the top figured out a way to then sell pieces of it very, very quickly. and they did very well. >> entrade is no longer accepting u.s. customers citing legal and regulatory pressures. that announcement coming hours after the u.s. commodities regulators sued the exchange's owner alleging that it allowed unauthorized trading by u.s. customers, u.s. customers must close their accounts and withdrawal all funds by the end of the year. and a group of former mf global customers is asking a court for permission to su
't they know? >> yeah. >> because federal law doesn't give them the jurisdiction to find out. >> that story and more when 60 minutes on cnbc returns. [ticking] well, if it isn't mr. margin. mr. margin? don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... you consulted ups. you found a better way. that's logistics. that's margin. find out what else ups knows. i'll do that. you're on a roll. that's funny. i wasn't being funny, bob. i know. why use temporary treatments when you can prevent the acid that's causing it with prevacid24hr. with one pill prevacid24hr works at the source to prevent the acid that causes frequent heartburn all day and all night. and with new prevacid24hr perks, you can earn rewards from dinner deals to music downloads for purchasing prevacid24hr. prevent acid all day and all night for 24 hours with prevacid24hr. [ female announcer ] today, it's not just about who lives in the white house
of collapse, president george w. bush signed into law a rescue package in which american taxpayers bought up wall street's bad investments. the numbers were staggering, but they didn't begin to explain the greed and the incompetence that created the mess. as we first reported that same week, it all began with a terrible bet, one that was magnified by reckless borrowing, complex securities, and a vast unregulated shadow market worth nearly $60 trillion that had hid the risks until it was too late to do anything about them. it started out as a mortgage crisis. then it slowly evolved into a credit crisis. now it's something entirely different and much more serious. what kind of a crisis is it today? >> this is a full-blown financial storm and one that comes around perhaps one every 50 or 100 years. this is the real thing. >> jim grant is the editor of grant's interest rate observer and one of the country's foremost experts on credit markets. he says it didn't have to happen... [bell ringing] that this disaster was created entirely by wall street itself during a time of relative prosperity. and
. but whatever laws congress sets congress can break. they have refused to do a budget. it is not a rule it is a law and it is the statute. so, i'm in favor of some of these rules, but i'm recognizing at the end of the day, what matters more is what you send to washington. >> well, we he have a little more than a month to go and nobody seap seems to know how s going to play out. many, many thanks for coming on. cyber monday was a record breaker this year. sales rising 30% compared to this year. mobile dievises played a big role. so that young children can completely waste their time and parent's money. oh, i'm sorry that was just a joke. i take it all back. now, moving on, we are about to reveal the possible republican front-runner for 2016. this revelation coming from our buddy robert costa. up next a front-runner already. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and
corporate excess. we begin with the yakuza, japan's not-so-secret version of the mafia. american law enforcement keeps a close eye on the yakuza, and that includes keeping tabs on a ruthless gang leader named tadamasa goto. as lara logan reported in the fall of 2009, goto not only got into the country; he was first in line for a lifesaving liver transplant. [haunting wooden flute music] >> this is the godfather, tadamasa goto, at a rarely seen ritual of the yakuza. filmed by the mobsters for their own private viewing, the top bosses are gathered to pay homage at an ancient succession ceremony. the event's steeped in tradition. what does it mean in japan to be a yakuza? >> [speaking japanese] >> to be a yakuza in japan is to live an unalterable way of life. it's not an occupation. it's to follow and explore the lives of the samurai, the code of the samurai. >> this man is a yakuza boss, a rival of goto's, who only agreed to an interview if we masked his identity. how do you recognize a yakuza? how do you know if someone is a yakuza? >> it's the smell. >> it's the smell? >> yes. >> wha
into law more cuts than were in the simpson-bowles proposal, he's proposed additional cuts in the 2013 budget he's proposed. to say he hasn't put cuts on the table is completely disingeneralsous. >> karen is making president obama out to be a tight fisted spending cutter. you followed the fiscal beat? >> do you regard president obama as a tight-fisted spending cutter? >> it's somewhere in between. he did sign a cap that would save a trillion dollars over the next would you mean of years. but thens other side of it is that we need about $4.9 trillion of savings over the next year to stabilize grashio, or cutting spending to medicare crieders. you actually do need to take on and storm reforming or we're going to be facing a down grade of all three rate being agencies. >> in brief, this stuff about -- they call it providers. providers are patients, providers congress -- you think congratulations and republican are going to take out from -- >> i think it's going to be a provider but i generally don't think it's like it. >> how can john boehner and the republican, preserving some modicum of
and in the case of singapore, tough local law which is try to restrict local gaming. so when china slows down, the bottom lines shrink. joining us to more is aaron fisher. good to see you. thanks for joining us. what happens next particularly on the macao gaming scene? >> we've had some amazing years of growth in made ycamacao. last year's growth rate was 42. but those days are definitely over. average 35% for seven years. the basis got much higher thousand. one of the main reasons why the growth is slowing down is because we are massively capacity constrained in macao and singapore. so the fact that the pmi looks like it's recovering a little bit recently and looking a bit better for next year, we wouldn't expect major growth. we're looking for about 10% growth to next year and also the year after. >> you've analyzed stocks, some companies that will start raining cash. and if you were going to analyze them warren buffett style would be quite attractive. what are they and what are the key characteristics? >> we had a report out called raining cash and still raining cash over the last couple o
law. we're seeing that machines are replacing workers. you go to cvs, you see these scanning machines. >> i'm not telling walmart what to pay its workers. i'm saying in america we have a process called collective bargaining which allows the management side and the unions to come together and decide that in a democratic fashion. >> and not to strike on the busiest day. you both make very important points. we so appreciate it. diana, thank you very much. richard, good to talk with you. we'll be back to this subject, of course. assuming you will join us once again. we'll see you soon. thanks very much. >>> up next, assuming anarchy does not break out, shoppers are expected to put some extra zing in the economy this holiday season. our steve liesman breaks it down in our retail panel. >>> later, what happens on wall street certainly does not stay on wall street. hedge fund whale steve cohen's link to an insider trading probe could ripple across the art market. our wealth editor robert frank with the story in the back half of the show. stick around. [ male announcer ] this december, rememb
all these law firms and lawyers and investment banks who honed in on this deal and took a piece of it. they all got paid and none of them saw it either. so are you going to sue them? that's who companies hire to do this kind of stuff. >> i think they will be sued. we're taking a look at it, as are many other law firms. there are a lot of firms that get paid a lot of money to do the due diligence. i think they're all going to be held accountable. >> how do you answer that, quentin? >> if this does turn out to be the case, it is an utter scandal in the normal behavior of companies that get paid millions of dollars to sell these companies to other companies. >> but quentin, it was a roll-up, right? we've seen this kind of issue over and over again in financial history. once you're a roll-up, there's so much manipulation that can happen. >> well, that's true. >> in february of 2012, $30 a share. you're a pension fund, an individual investor. you're paying $30 a share. now it's $11 or $12. to me, it seems that was an overvalued company at the time. hp is going to be held accountable. they
of the material and how it's currently managed. but that's done according to law. >> the industry opposes calling coal ash hazardous waste. they're pushing for another solution: recycling. [ticking] >> as we'll see when 60 minutes on cnbc returns, the coal industry thinks it's found a solution by recycling coal ash. but in some cases, it's only made the problem worse. x- "sounn drum and flute" look who's back. again? it's embarrassing. it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪
should know. a law professor at ohio state university, his specialty is chinese counterfeiting. we know that 15% to 20% of all goods in china are counterfeit. >> and these days, the way china's economy is booming, 15% to 20% means tens of billions of dollars. evidence of the counterfeiting trade can be seen at this hong kong warehouse where counterfeit watches, shoes, computer chips, all copied in china, and seized in hong kong, are tossed onto a conveyor belt, and consigned to the dust bin of history. but it's like stopping the rain, the seizure may look impressive, but every day, 6,000 shipping containers leave hong kong's harbor for the u.s. packed with products made in china, and only a small fraction of those containers are ever inspected. >> this is the most profitable criminal venture, as far as i know, on earth. >> counterfeiting. >> counterfeiting. and your partners don't kill you. >> attorney harley lewin has been chasing counterfeiters from china for more than twenty years. and china's now the undisputed capital of the counterfeit. >> 80% or more worldwide. >> can you give me
hang on? >> even though it's up 116%, it should not be sold. i owned it in the 50s in my law school dorm in 1983. let's hold on to this and go to patrick in washington. >> caller: hi, jim. booya. given the recent divergence between the price of gold and gold mining stocks with the price of gold going up and mining stocks being level or going down would it be wise to hang on to my investments in the gold mining stocks in hopes that they catch up with the price of gold or should i just sell them off and put the money into gld or something like that? >> i think you should sell them off overtime and put your money in the gld. today was a temporary setback because of all the happy talk in washington. pat in illinois. pat. >> hey, jim. pat from chicago. how are you? >> not bad. how about you? >> caller: i'm doing well, thank you. jim, got a question for you. corning, i've owned it for 14 1/2 years, been accumulating it for those 14 1/2 years and it's been a dog from the day i bought it. it's hot one day. ceo said that the tv glass manufacturers are buying their glass like crazy. >> yeah.
tax law changes could mean. what are you hopeful about? what are you worried about? >> for the next five years, ten years, a very simple model. you have to raise revenues, lower expenses, and grow the economy. but the economy is not isolated. and the global economy is important. how does the u.s. participate? so we have to keep an eye on europe, we can't ignore it. you have to keep an eye on china. china's going to step on the accelerator in march if not earlier. and within the framework of the next ten years, can we regain our economic prowess? and that's priority number one. if you have these guys in new york, mayor bloomberg, mayor booker, the mayor, the governors, cuomo, christie, malloy, if they went on holiday while we had sandy, what would you do? we have an economic crisis. they're going to take a short break in december. yeah, we have to have a patch, but we have to have a fix. and a structural fix is so fundamental so that if you're running a business and you have clarity and visibility for the next five years, you can live with whatever you have. corporate taxes are comin
relations board. now a partner at the law firm focusing legal practice on representing management in employee related litigation and contract negotiations. thanks for joining us. the strike so to speak, let's call it that, or protests, don't seem to be impacting walmart's consumers ability to go in there and shop and buy towels and other things. why should this be an issue? >> it depends on what the circumstances are in each location where you see protests. the walmart request for injunctive relief isn't so much to protest terms of employment that is requiring employees to work on black friday, but rather the objective is to obtain recognition by walmart of the union. if that's the case, if it's an object to gain bargaining or recognitional rights that's unlawful. it's whether the picketing went on for an unreasonable duration and may impact retail sales of walmart. if that's the case, there's a 30-day max when it comes to an unreasonable duration, then again the law indicates in the case law that walmart is entitled to relief. >> we've had a couple protesters on. the links seem a
the fiscal cliff and some of the fixes and solutions and proposals out there to change tax law. programs suggest maybe you need to cut the deduction for charitable giving. what would that mean to an organization like yours? >> we hope that doesn't occur obviously, but having said that, the american public's generosity never ceases to amaze me and they seem to step up because they want to help people that are less fortunate than they are and time and time again i have seen that over the last four and a half years that i've been with the american red cross, and it's made me very optimistic in the spirit of american giving, and i believe that people will continue to donate regardless of the tax law changes. >> would it impact your organization or not, you think it would not impact it? >> well, it's hard to tell. you know, i'd like to believe that people donate because they think it's the right thing to do, not just because they get a tax break. time will tell. >> gail, are you dependent on the really big bucks guys like if it goes to, say it went to 50 on a cap, you'd still get, the average
, the trouble with american labor laws is that a small cad ray of pro union employees were able to sink an entire company where you've got tens of thousands or at least 10,000 employees who had absolutely no want or wish to see this happen. there's 7,500 teamsters willing to take these concessions and keep their job. look at it this way. there's no rational actor that would tell you a job on monday at slightly reduced wages is better than no job at all. >> what about that, mike? >> where does slightly reduced come in? what does that mean? no, it's 27% over five years. >> you could have looked for another job. if you didn't want the job, that's fine. there's other people that need money this holiday season. >> they were stealing my pension at the same time. >> but look what happened now. >> yeah, you're going to have nothing. >> mike, the assumption we're making is that when you get a job back, if you get your job back with wonder bread, it's a nonunion job and therefore you'll probably get fewer benefits. -- >> i don't know why uld make such a silly assumption that i would be a nonunion
enough, those stocks will work their way higher because of that some law of reverse gravitation that they all subscribe to. it's been a lousy strategy, if it's been a strategy at all if you can even subscribe to that. in recent years, it's been really horrific. think about it. for the last -- the five years 2007 to the middle of 2012, s&p 500 have climbed by 9%. things have gotten better over the last few years. but when you look at the benchmark performance over the first decade of the new millennium, the s&p was down 24%. though you only did lose 9%, lose only 9 in the ten years when you factor in reinvested dividends. which is why, hey, i'm always telling you to own some high yielding dividend stocks. but still, factoring dividends from 2000 to 2009, you were better off hoed hiding your money in a mattress. the strategy didn't work. let me give you some advice that you almost never hear from any fraternal order of buy and hold. i want to talk about a forbidden term. some say it's a curse word, marks me as a charlatan. i want to talk about selling, selling. every a stock you b
. in the prediction of markets wherever they may be based, they violate u.s. activity laws and rules enforced by the agency, that's what cfc enforcement director in a statement. a similar situation back in 2005. there was a settlement with them at that time. saying in trade violated that settlement agreement. bill, back to you. >> fido and fluffy will not be left out of the holiday cheer after all. americans are going to spend -- they do spend about $53 billion every year on their cats and dogs. some of that goes to holiday gifts for their four-legged friends. bob moran joining us for an exclusive interview. >> welcome back. >> thank you for joining us. spending on pets to me seems to be countercyclical or not as as subject to the cyclical movement. >> we look at our customers as pet parents and they look at their pets as being members of the family. they look at their pet now as a member of family. >> so you did buy him a christmas gift? >> what did he know? by the way, i wanted to ask you, it says 53% of dogs get a christmas gift but only 38% of cats. what's with the cat owners? >> cat owne
to go to law school of a i graduated. looks like my folks won't have enough money to put me through college. >> well, the world needs ditch diggers too. >> student loan debt nears the $1 trillion mark. that's right. $1 trillion. new evidence college may not be worth it after all. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another retailer declaring a special dividend. let's send it over to kayla for a quick market flash. >> that retailer is guess. that dividend came amid a lackluster quarter for the company. it beat on the top line but missed on the bottom line. it lowered guidance for next year and said store sales were down. look at the stock. up 3% after hours on $1.20 per share special dividend announced this quarter. investors like it. companies are doing it. >> we've seen a lot of these. >> just on
. they should buy them from the market. >> his party is also considering the revision of the bank of japan law. yesterday the bank of japan chief hit back saying it was unrealistic. >>> just the latest in japan. let's get the market report kicked off by sixuan. >> let me start off with japan. the nikkei rallied, shrugging off the trade data. auto majors such as toyota and nissan gained over 2%. it was a choppy day of trade for china markets. the shanghai composite opened in the green and then dipped to a three and a half year low and rebounding to higher by over a percent. property stocks, most were up around 2% in late trade. the beaten down liquor producers also recouped some of their losses on bargain hunting. we'll get the hsbc flash pmi tomorrow. that will give us more clues about the state of china's economy. hong kong shares also ended higher today. the $3.6 billion ipo of china's insurer seems to be gaining momentum. sources say the company have secured, several corner stone investors, including aig. elsewhere, south korean shares were under pressure on concerns over europe. steel make
advantage out of leveraging off the work we've already done. >> this building houses a prominent law firm and while it may be the first of its kind in sydney, it's unlikely to be alone for long with planning similar inclusions in newer buildings. matthew taylor, cnbc, sydney. >>> we'll take a short break. still to come, trade links up next. this week an analyst says britain risks scoring their own goal when it comes to doing business abroad. >>> a study warns britain could score its own goal because of bureaucratic hurdles. louisa spoke to the international advisory panel and asked about the findings of the report. >> the findings are around the fact that the world is changing, the landscape has changed. places that used to be attractive before maybe aren't so attractive now. northern europe is still attractive, southern europe is a let's not go there. the bric companies, they're almost seen as safe havens now. but some of the lessons are there are issues, there are local customs and cultures that may make it difficult. there is going to be ethical question marks and krupg. there may be c
markets under u.s. law should have a little bit more confidence that they may actually be able to, you know, get countries to react. i think going forward, this has been a benefit. >> hans, do you expect argentina to make this payment by december 15th? >> that's -- i think what's being suggested now is that if they're going to pursue the legal avenues, that they're going to have to post a payment -- the payment of the 1.3 billion in escrow. what's interesting is guillermo nielsen, the debt negotiator for argentina back in the first go-around, the 2005 exchange, frankly i consider it to be quite a bit part of the problem in not dealing with the creditors, but even he suggested that they post the payment into escrow and let the legal process go. we've heard in argentina that the main person who is opposing sort of a rational process in seeing how this goes is the president, christina fernandez kirshner, but that there seems to be a bit more of thought that they make this payment. actually, just a payment to elliot, to aurelias, i'm not sure it's going to be in the cards. i think the choi
exchanges such as what occurred with greece if this is the case and there can be case law said that you have to pay interest to those who didn't exchange, it may make those kind of exchanges far more difficult. >> i listened to your breaking story on friday. i said i don't understand the jurisdiction. how does a federal court tell argentina what to do? >> i think it also comes back to the payment bank of new york as the third party transferrer of funds from argentinean government forcing them to -- it's a good question. i can't say that i can absolutely answer it definitively for you. >> could the federal court order the deposition of the head of iraq? let's get him in here. let's depose him. >> there's some standing questions there. no question about that. >> i just find that argentina may be -- argentina is doing a lot of things behind the scenes with tariffs and very tough on american business people. are they going to say a federal court judge, they're going to hold us in contempt? what does he got? how many divisions does the federal court judge have? >> they can force the payment and i
and getting some changes in the law that will allow for direct debt forgiveness. that's the problem. they can't do that. it's illegal right now. that's what you'll see. this was a big deal. the first step along the way to forgiving all of that greek debt. they're not going to repay the money. it's just going to go away over many, many years. let's move on and talk -- i'm telling you, it's a big deal on greece today. great news out of case-shiller. you want year over year changes. year over year up 3.6%. all right. it's not titanic. we had a big drop. it's continually moving in the right direction. home metricks moving in the right direction. you made a big deal over las vegas sands that came out yesterday. i added some of these up. certainly nice that it's happening. it's not amounting to a lot. there's not that many companies out there doing it. to me more important is getting a company to move dividend payments from january into december. even there a few companies are doing it. january of this year i checked on this $21 billion of dividends was paid. a big month for dividend payments in ja
at a law firm. we have been looking through so many things when it comes to the fiscal cliff. and what we haven't focused on is what it would mean for the life insurance industry. this is something we've spoken with you about in the past. when you were here, i don't know if it was the last time you were here, you were here when they were looking at downgrading the united states and its credit ratings. the warning's out there that if there's not a deal reached, we could see another downgrade. what would that mean for the industry? >> i think that would not be good for the industry. i was on about a year ago when we talked about the u.s. been put on a watch, the s&p did, in fact, downgrade. and what happens in the life insurance industry, in order to stand behind the promises to policy holders, it's the largest holder of corporate and u.s. high-grade bonds. so it has, i think, over $2 trillion. and if you think about it, a downgrade would not be positive there. i could see the rating agency say these guys can't get their fiscal house in order, we warned them, put them on some kind of watch,
Search Results 0 to 31 of about 32 (some duplicates have been removed)

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